Goldman Sachs has sold a landmark Sydney property to the Dexus property group for AUD110.2m (€77m).
Located in the inner south Sydney suburb of Alexandria, The Mill is a cluster of 10 buildings sitting on 1.9 hectares of prime urban land.
Goldman Sachs inherited the asset as part of a AUD1.6bn corporate and real estate portfolio it acquired from Suncorp, a Queensland bank, for AUD960m in 2013.
Following the global financial crisis, Goldman Sachs, through its special situations vehicle, was among the most active buyers of non-performing loans in Australia.
Dexus CIO Ross Du Vernet said: “The Mill provides us with a great landholding in a prime South Sydney location where tenant demand is expected to remain strong.
“The property is well positioned to benefit from active management of under-utilised space.”
In an Australian Securities Exchange announcement, Du Vernet said Dexus also expected to achieve rental growth driven by the withdrawal of existing traditional offices and warehouses nearby.
